LIBERUM: CLS Holdings: Trading update shows clear signs of improved office market fundamentals

LIBERUM: CLS Holdings: Resilient performance in a challenging market

LIBERUM: CLS Holdings* - Values down but performance significantly ahead of expectations

LIBERUM: CLS Holdings* - Strong leasing activity despite the challenging economic environment

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: CLS Holdings* - Property values stable with disposal proceeds to fund accretive tender offer

LIBERUM: CLS Holdings* - New dividend policy and proposed tender offer

LIBERUM: Best of the Week

LIBERUM: CLS Holdings* - Long term outperformer at a large discount

LIBERUM: Morning Comment

LIBERUM: CLS Holdings* - Strong and stable results

LIBERUM: CLS Holdings* - Cash-backed returns at a large discount

LIBERUM: CLS Holdings* - High rent collection maintained against backdrop of improving activity levels

LIBERUM: CLS Holdings* - Stable performance impacted by FX

Primary Health Properties - Sustaining dividend growth

Interim results showed Primary Health Properties (PHP) to be well on track to meet its fully covered 6.7p DPS target, the 27th consecutive year of growth. Organic rent growth continues to increase, borrowing costs are nearly all fixed/hedged and the cost ratio is among the lowest in the sector. Despite this, the prospective dividend yield is now c 7%.

Primary Health Properties - Strategic and accretive Irish expansion

Primary Health Properties (PHP) has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility for a total consideration of €30m. With its interim results, PHP highlighted its continued plans for strategic expansion in Ireland, where higher yields support accretive investment in an expanding market. Alongside low-risk, value-creating asset management schemes and accelerating organic rental growth, this represents a key opportunity for continuing growth in income. Our forecasts are

Secure Trust Bank - V12 Retail Finance to support refreshed targets

In its Q323 trading update, Secure Trust Bank (STB) posted 1.7% q o q growth in net lending alongside 2.6% growth in its deposits. This was despite a 7% fall in new business lending from an elevated Q223 comparable as consumer spending weakened. More importantly, STB also hosted a capital markets day (CMD), where management reiterated the medium-term 14–16% return on average equity (RoAE) target and presented on the V12 Retail Finance business in detail. The RoAE should be supported by an improv

Hybridan Small Cap Feast - 30 Oct 23

30th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Discusssions underway to unlock value

The investment case pivots on the progress of strategic options under consideration for the two operating businesses. Specifically, these relate to the outcome of discussions with potential buyers for each entity, a process which has been simplified by their legal separation. We see potential scope to realise a net return above R&Q’s current market value. Initial discussions focus on Accredited, R&Q’s program management business for which it confirms receipt of interest from a number of parties

The tide has turned

Having played a supporting role in the initial phase of the stock market recovery – breaking historical precedent in the process – the share prices of financial stocks, and banks in particular, have come back sharply since November. Demand for its shares meant that Polar Capital Global Financials Trust’s (PCFT’s) premium rating was recently at its highest level in more than five years, paving the way for share issuances. Banks were well-capitalised going into the pandemic, so the much-milder-tha